The shares of shipping sultan Euroseas Ltd.
have surged more than 8% higher today, rallying on the heels of a duo of headlines.
First, after the close of trading yesterday, the Greece-based company announced that it inked an agreement to sell 1 of its dry bulk vessels for approximately $3.85 million. The new owners are expecting the ship to be delivered sometime in January.
Second, Euroseas revealed that it has extended the charters of 2 of its containerships. The extensions – 1 for an additional year, the other for an extra 6 months – come with a charter reduction to $12,000 from $18,500, and $16,500 to $11,000, respectively.
The company also stated that following the aforementioned sale and extensions, approximately 50% of its total fleet days of 2009, and about 27% in 2010, will be fixed under period charters, already concluded spot charters, FFA contracts, or otherwise protected from market fluctuations.
Today, the shares of ESEA have added more than 30 cents to hover near the 4.35 level. However, the security's voyage into the black is approaching a proverbial iceberg in the form of its 10-week moving average. The equity has managed only 1 weekly close atop this trendline since late August, before ESEA perforated long-term support at the round-number 10 level.
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